Pay attention to and develop economic cooperation between Vietnam and Saudi Arabia

(Chinhphu.vn) - On the morning of October 28, continuing activities during his working trip to attend the 9th Future Investment Initiative (FII) Conference in Riyadh, Saudi Arabia, Deputy Prime Minister Nguyen Chi Dung received Mr. Faisal bin Fadhil Al-Ibrahim, Minister of Economy and Planning of Saudi Arabia.

Deputy Prime Minister Nguyen Chi Dung received Mr. Faisal bin Fadhil Al-Ibrahim, Minister of Economy and Planning of Saudi Arabia - Photo: VGP/Thu Sa

The Ministry of Economy and Planning of Saudi Arabia is the Government Agency responsible for implementing Saudi Arabia's five-year economic development plan and implementing the Vision 2030 Policy (launched in April 2016), with the goal of diversifying the economy.

The 2030 vision is built on three pillars: (i) vibrant society; (ii) prosperous economy; (iii) ambitious nation; focusing on economic reform (diversification, private sector development, international investment), social development ( tourism , entertainment, improving quality of life, etc.), and improving the efficiency of the state sector.

Deputy Prime Minister Nguyen Chi Dung highly appreciated Saudi Arabia's socio-economic development achievements - Photo: VGP/Thu Sa

To date, the non-oil economic sector accounts for about 53.2% of Saudi Arabia's total GDP, with non-oil export value in 2024 reaching 137 billion USD, an increase of 113% compared to the time of launching Vision 2030.

Deputy Prime Minister Nguyen Chi Dung highly appreciated Saudi Arabia's socio-economic development achievements, notably the diversification and development of non-oil economic sectors, promoting the application of science and technology, innovation and digital transformation, and prioritizing green and sustainable development.

Deputy Prime Minister presents souvenirs - Photo: VGP/Thu Sa

At the same time, the Deputy Prime Minister also emphasized the role of the "commander-in-chief" of the Ministry of Economy and Planning in the 2030 Vision Policy, as the "center" for national strategic planning, building socio-economic development orientations and goals, especially the leadership and management role of Minister Faisal bin Fadhil Al-Ibrahim.

Informing that Vietnam has initially completed the process of restructuring the state administrative apparatus and administrative units in 2025 and is promoting economic restructuring, renewing the growth model, and diversifying economic sectors, the Deputy Prime Minister hoped that Saudi Arabia would share its experience on this issue.

Deputy Prime Minister receives Mr. Peter H. Diamandis, member of the Board of Directors of FII Institute (Saudi Arabia) - Photo: VGP/Thu Sa

Also on October 28, the Deputy Prime Minister received Mr. Peter H. Diamandis, member of the Board of Directors of FII Institute (Saudi Arabia) - a global organization promoting innovation and investing for the future; Founder and Executive Chairman of XPRIZE Foundation - a prestigious non-profit organization operating global competitions to encourage innovation to solve major challenges of humanity; and co-founder of Singularity University with Ray Kurzweil since 2008.

He was once honored by Fortune in the list of "50 greatest leaders in the world".

The XPRIZE ecosystem is running more than 30 global competitions with a total prize value of hundreds of millions of USD, focusing on the fields of climate, health, energy and future technology. Notable among them are the $100 million XPRIZE Carbon Removal (sponsored by the Musk Foundation) and the $101 million XPRIZE Healthspan on healthy longevity. These initiatives bring together a large network of investment funds, technology corporations, research institutes and international experts, promoting core technologies into practical applications.

Deputy Prime Minister receives Mr. Peter H. Diamandis, member of the Board of Directors of FII Institute (Saudi Arabia) - Photo: VGP/Thu Sa

In addition, Mr. Diamandis is a co-founder of BOLD Capital Partners, an investment fund focused on deep technology, healthcare and life sciences, and an angel investor and strategic advisor to many pioneering technology companies. He also founded Abundance 360 ​​- a global leadership community of more than 600 entrepreneurs and investors with total assets of over 25 billion USD, operating more than 2,000 companies and mobilizing more than 5 billion USD in capital, creating a strong network connecting technology, capital and markets for breakthrough projects.

Thu Sa

Source: https://baochinhphu.vn/quan-tam-phat-trien-hop-tac-kinh-te-viet-nam-saudi-arabia-102251028170925333.htm